We had a big spike early last week with crude at a record and the heat in Texas. It shows that even with this huge supply, people are still feeling pretty vulnerable about things like heat and hurricanes.
More Quotes from Phil Flynn:
The EIA data indicate there's a lot of crude out there. But even with refinery activity increasing, refineries seem to be having difficulty building up distillate supplies.Phil Flynn
We really don't know the number. We're probably getting close to a point where we might find out. We haven't seen any sign that demand is faltering due to these high prices.
Phil Flynn
It's a shame because all the pieces were in place for gas to come down even more, ... Now we have to worry about Rita blowing through an area that makes up close to 27 percent of our oil refining capacity.
Phil Flynn
I think this price move has been justified. Demand in the world will probably hit the highest level in 30 years this summer.
Phil Flynn
It looks like the market is convinced we need to catch up for the winter and that because of the slow recovery in the Gulf of Mexico, we have lost valuable time.
Phil Flynn
It sure did a heck of a job working on oil traders' nerves as the market went ever higher.
Phil Flynn
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